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Financial growth ideas?

Discussion in 'The Lounge' started by newyorkin, Jul 30, 2004.

  1. newyorkin

    newyorkin 1 ton status

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    I have a tiny tiny bit of money I can play with. I have to take care of some project costs soon, like probably a few months, but before that, I want to make this cash grow a little.

    For now, I was going to dump it into an ING Direct account, since that's the highest interest bearing savings account I can find in New York, but that would only net me like $40. Kinda lame return on $2500, I guess not as lame as $25 from my other savings accounts.

    I know a couple wall-street traders and financial people that told me do nothing until after the election, they say this is a bad time to put money in, and also expect the market to tank if Kerry wins, and I'll lose most of my cash (and no, I'm not saying that to bash Kerry). So any market investment is postponed until after january, when the cash will be spent and not available for investment...

    I found this site LazyTrader.com, and was fairly intrigued by it and the one-day trading idea, but I have no interest in buying any get-rich-quick plans that don't show the program failures in thier brochures.

    So anybody try a good investment program and have it actually work? Wanna share the info /forums/images/graemlins/grin.gif?
     
  2. spearchucker

    spearchucker 1/2 ton status

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    Go to Vegas ... always bet on black. /forums/images/graemlins/thumb.gif
     
  3. wasted wages

    wasted wages 3/4 ton status

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    Financial growth ideas?????














    Quit spendin' yur money on freakin' 4x4's!!!!!!! /forums/images/graemlins/rotfl.gif /forums/images/graemlins/histerical.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/histerical.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/histerical.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/histerical.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/histerical.gif

    Betcha' wish yu had all the $$$$$$$$$ you've spent on 'em
     
  4. Twiz

    Twiz 1/2 ton status

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    [ QUOTE ]
    Financial growth ideas?

    [/ QUOTE ]

    Not realy a "growth" thing, but I've been doing this for years and works very well for me.

    Say... you have $2000, hopefully in a credit union earning, lets just say, 2% intrest, to keep the math simple.
    You take a Share Secured lown for $1000, with a intrest rate of 6%, and a monthly payment of $100.
    Now, you take that extra $1000, and put it back into you credit union, so now you have $3000 earning 2%,
    Allthough your paying 6% on a $1000 lown. So it basicaly "sixes" out in the end.
    But......
    You just got a "free" $1000 lown.
    It's realy just "forceing" you to keep putting money in the bank every month, in the form of a $100 payment.

    The key to makeing this work, is to earn intrest on both the lown AND the saveings combined - for the entire length of the lown.

    I know........
    "Why not just put the money in the bank, without the lown ? You would end up with more when it's all said and done."
    Thats true.
    But if you guys are anything like me, you would just end up blowing the extra $100 a month and have nothing to show for it.
    But... if you make it a monthly payment, it's differnt. You will be sure to make your payments, without even thinking about it.


    I think origianaly, I took a Share secured lown out - to go buy a Jeep, if I remember correctly. The guy sold it out from under me, so I just took the money and put it back in the bank, thinking that I might trip across another "deal" sometime later. Well... I never did, atleast not before I paid that lown off and when it was all said and done - I ended up with over $6000 in the bank, free and clear.
    I've done it, over and over for years.
    In that time...
    I've bought and sold afew cars.
    I've made a huge down payment on my house.
    I've made a down-payment on my lil S10
    I've bought all-kinds of high-doller tools and such.
    All done with the "0-Intrest Pre-Paid lown" plan.


    It's not for everybody, but it has realy worked very well for me.

    Just an idea.
     
  5. k5freak44

    k5freak44 1/2 ton status

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    Take it to vegas and bet all 2500 on black. If u win i get half because i told u to do it.

    If u loose try to make it back with that 40 u net /forums/images/graemlins/smile.gif
     
  6. jakeslim

    jakeslim 1/2 ton status

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    Step one: Buy a large purple velvet hat with a feather

    Step two: Walk the streets of NY with a purple suit, your hat and a polished "bling" cane

    Step three: Look for a few "workers" to "employ" /forums/images/graemlins/histerical.gif

    Step four: advertise your new business on CK5.....
     
  7. 75-K5

    75-K5 3/4 ton status

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    Twiz, I did the same thing you did to buy a K5 that got sold out from under me. Problem is nowadays regular bank accounts only pay .5% interest, so instead of a share secured loan I took out a certificate secured loan. I got a $1000 CD for a year, it only pays 1.7% but it's OK. I took out a secured loan on that CD at 5% interest. I'm still paying 3.3% interest, but over the course of a year that adds up to a whopping $30 or so, which I can piss away in one night or less. Plus, before I did this my credit report was completely blank, so this will help add some, if only a little, positive credit to my score.

    Where the heck do you bank where you get 6% for a one year CD and 2% on a regular share account? /forums/images/graemlins/yikes.gif
     
  8. 1-ton

    1-ton 1/2 ton status Premium Member

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    With $2500 there is not much you can do over a short period. If you had $10,000 then you could try short term Corporate Bonds, but they can be somewhat risky. If you want to learn the real deal about day trading, then go to this web site.

    http://www.stocktrading.com/index.shtml

    All that other stuff is just a scam. These guys, the Bright brothers', won't blow a bunch of sunshine up your skirt about day trading. Over the last 30 years, These guys have made millions in day trading, and they will give the truth about your chances at making any money in day trading, which is about none, unless you are really serious about spending a few years doing your homework.
     
  9. spearchucker

    spearchucker 1/2 ton status

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    [ QUOTE ]
    Take it to vegas and bet all 2500 on black. If u win i get half because i told u to do it.


    [/ QUOTE ]

    Hate to burst your bubble, but I'd be splitting the winnings with him since it was my idea first. /forums/images/graemlins/deal.gif /forums/images/graemlins/rotfl.gif
     
  10. Twiz

    Twiz 1/2 ton status

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    [ QUOTE ]
    Where the heck do you bank where you get 6% for a one year CD and 2% on a regular share account?

    [/ QUOTE ]

    I was just useing those percentages as an example. Too keep the math clean and simple. I seem to recall the intrest rates were ALOT better afew years ago.
     
  11. mtn. burb

    mtn. burb 1/2 ton status

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    Ratch, order the book "Rich Dad, Poor Dad" by Robert T. Kiyosaki. ( What the rich teach their kids about money - that the poor and middle class do not!)

    Trust me on this.
     
  12. newyorkin

    newyorkin 1 ton status

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    Cool, thanks for the ideas all.

    Atlantic City is closer than Vegas, and my trader friend said it would be better than the stock market...
     
  13. gjk5

    gjk5 3/4 ton status

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    Yep, great book. I highly suggest.
     

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